Fully 20 percent of Americans have student loan debt, according to a report by the Urban Institute. The proportion is as high as 40 percent among people aged 20 to 29.
Not only do student loans prevent young adults from spending on other things such as cars, houses, and restaurant meals, they create anxiety. In fact, 58 percent of 20-to-29-year-olds with student loans are worried about their ability to repay them. Do the math (58% of the 40%) and the result is a lot of young adults tossing and turning at night. No wonder Millennials are walking instead of driving, renting instead of owning, and eating at home instead of going out.
Source: Urban Institute, Forever in Your Debt: Who Has Student Loan Debt, and Who's Worried?
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